Deutsche Bank's Ackermann spoke about Asia's place in the rebalancing of economic and geopolitical global power, particularly with regards to "green" leadership.

The following is an excerpt of a keynote address entitled The new financial system and the role of Asia given by Josef Ackermann, Deutsche Bank's chairman of the management board and group executive committee, at the IMF conference in Daejeon, Korea on Monday.

I believe the geopolitical consequences of the financial crisis have been underrated and widely neglected so far. Let's face it The reputation of the Western world has been severely damaged by the financial crisis...